This maintenance release of SRM was released the same day that vSphere 4.1 Update 1 was released. We will always try to do that whenever possible. There are a number of important fixes in it however, and as such I recommend people look at upgrading to it as quickly as their need dictates. I should mention that the upgrade itself can only upgrade SRM 4.1 installs and NOT SRM 4.0 installs. The release notes can be found here. You can download the update here.
To minimize the upgrade outage, start with the production site. Even if the upgrade doesn't work for some reason, or if you take too long, and a DR event occurs, you will still be able to fail over since that doesn't require the protected site to be running. Both sides must be at the same version and build to work together so do not forget that. Once you start your upgrade work until you are finished! Remember to upgrade the SRM plug-ins too.
Questions or comments are always welcome!
Update: 2/16/11 – the release notes, and this blog, did not make clear that you do not need to upgrade vCenter Server to 4.1 Update 1 before applying this SRM 4.1.1 update. Think of this SRM release more like a patch.
Update 2/17/11 – while I tested this, and the Compatibility guide confirmed you didn't need to upgrade vCenter first, it turns out you do. The Compatibility guide will be updated shortly. You must upgrade vCenter to 4.1 Update 1 before you upgrade SRM to 4.1.1. Sorry for the confusion.